The important US Non-Farm Payrolls number missed expectations, adding only 57,000 jobs for June, although the headline Unemployment rate fell to 4.2%. The participation rate in the workforce, fell to near record lows, allowing the Unemployment rate to fall. The ADP report showed a strong increase in private sector jobs, so Government employment continues to trend lower. The DOW continues higher, to record highs, as the ‘rotation’ away from tech continues. The US Dollar was softer, with the EUR rising to 1.1430, while the GBP pushed up to 1.3350.The weaker reserve allowed commodity currencies to stabilise, with the AUD regaining 0.6900, while the NZD looks to break back above 0.5700. Australian trade data reflected the currency and the Middle East crises, with imports spiking higher, while exports contracted 6.9%.
